Virgin America: losses contract in 1Q09; steady growth of unit revenues and lower unit costs

Virgin America reported improved financial results and better-than-expected year-on-year growth in unit revenue in 1Q09, despite a challenging economic climate in the quarter. [991 words]

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This report contains the following subheadings:

• Load factor increase of 12 ppts in 1Q09; strongest ever load factors reported in Apr-2009 and May-2009
• More conservative growth strategy planned for 2009
• Cash balance slips to USD38 million; but enough to fund operations through to profitability
• Remains optimistic about future, despite significant short term challenges

This report contains the following charts and tables:

• Virgin America financial highlights for three months ended 31-Mar-09
• Virgin America operating margins: 4Q07 to 1Q09
• Virgin America net losses: 4Q07 to 1Q09
• Virgin America fleet: as at Jun-2009
• Virgin America cash and cash equivalents (at beginning and end of the quarter): 3Q07 to 1Q09